Otomo Jeep Tours operates jeep tours in the heart of the Colorado Rockies. The company bases its budgets on two measures of activity (l.e., cost drivers), namely guests and jeeps. One vehicle used in one tour on one day counts as a jeep. Each jeep has one tour guide. The company uses the following data in its budgeting: Revenue Tour guide wages Vehicle expenses Administrative expenses Variable Fixed element Variable element element per per month per guest Jeep $ @ $ 93 $ $ 0 $ $ 109 $ 3,900 $ 6 5 59 $ 2,000 $ 1 5 In July, the company budgeted for 359 guests and 129 jeeps. The company's income statement showing the actual results for the month appears below: 348 131 $32,304 Otomo Jeep Tours Income Statement For the Month Ended July 31 Actual guests Actual jeeps Revenue Expenses: Tour guide wages Vehicle expenses Adsinistrative expenses Total expense Net operating income 14,029 13,837 2,348 30,214 $ 2,090 Required: Prepare a report showing the company's activity variances for July, Label each variance as favorable (F) or unfavorable (U). (Indicate the effect of each variance by selecting "F" for favorable. "U" for unfavorable, and "None" for no effect (Le.. zero variance). Input all amounts as positive values.) Oom Jeep Tours Activity Variances For the Month Ended July 31 pters o-10 Saved Help 131 $32,304 Actual jeeps Revenue Expenses: Tour guide wages Vehicle expenses Administrative expenses Total expense Net operating income 14,029 13,837 2,348 30,214 $ 2,090 Required: Prepare a report showing the company's activity variances for July, Label each variance as favorable (F) or unfavorable (U). (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Activity Variances Otomo Jeep Tours Activity Variances For the Month Ended July 31 Flexible Planning Budget Budget Guests 348 359 Jeeps 131 129 Revenue Expenses: Tour guide wages Vehicle expenses Administrative expenses Total expense Net operating income